America West Makes Aircraft Lease Payment

4th Jan 2002

America West Airlines (NYSE: AWA) today
said it made an aircraft lease payment of approximately $23 million.

On January 2, 2002, America West said it had chosen to defer $72 million
of aircraft lease payments following the announcement on December 28, 2001,
that the Air Transportation Stabilization Board conditionally approved the
company`s application for federal loan guarantees. The company expects to
make the remaining $49 million of deferred payments within the applicable
grace period. The $445 million loan, of which $380 million is to be
guaranteed by the government, is expected to close by mid-January 2002.